A Brief History of Cryptocurrency

A slew of cryptographic technologies appeared between 1983 and 1998 but never took off. B-Money and Bit Gold were concepts that were never completely realized.

In 2008, the economic crisis hit hard. Even America, the world’s powerhouse, was affected. As a result, inflation set in and the value of money began to fall faster and quicker.

Satoshi Nakamoto (alias for a person whose identity is still unknown) created Bitcoin, the first cryptocurrency, in 2009.

Bitcoin was acknowledged for the first time in 2010. It had previously only been mined, never traded, making it impossible to ascribe a monetary value to it. That year, someone swapped 10,000 Bitcoins for a few pizzas. Today, that amount is worth more than $100 million.

Competitors emerged in 2011, understanding the potential of cryptocurrency. The concept of a decentralized, borderless, and encrypted money quickly gained traction.

Over the next few years, cryptocurrencies grew in popularity to the point that many of the world’s most powerful individuals saw its potential and became evangelists for this new kind of digital currency.. Elon Musk, CEO of Tesla Motors, is one example of this.

There are already over 1,000 cryptocurrencies in circulation, with new ones minted on a regular basis. The legality and taxation of cryptocurrencies differ from country to country. However, the appeal is certainly global.